Many view wearables as the next big thing and Intel is trying to get in on the action by giving folks a lot of money for their wearable ideas. Intel is pushing its Make it Wearable challenge with a prize pool of $1.3 million.

The chip manufacturer is looking for great ideas for the future of wearable technology, in order to help it gain on its primary rival in this field, ARM. The competition is open to almost everyone – from industry professionals to school kids - and any type of project is accepted on the Visionary Track, which is opened until June.

However folks on the Development Track will also need to submit business proposals, target users, value proposition and expected business hurdles.

But all that work is rewarded as the top 10 finalists will each receive $50,000 in funding to make their idea reality. They’ll also receive “intensive mentoring to help get their ideas off the ground”. On top of that the first 3 places will receive an additional $500,000 , $200,000 and $100,000 respectively.

It’s pretty clear that Intel wants to be a part of this new technology scene and with constant improvements for their chips, as well as virtually unlimited funds for pushing the tech, they might end up dominating this market in the next few years.